Business user experience projections and enhancements, extending its planning and budgeting innovations
Leverages Planful’s AI engine to quickly create forecast scenarios; Business user experience supports business collaboration and accelerates planning cycles
REDWOOD CITY, CA., May 25, 2022 /PRNewswire/ — Planful Inc., the pioneer of cloud-based financial performance management software, today announced the availability of Predict: Projections, the latest addition to its Planful Predict suite of AI and ML applications, and a new experience for business users to update plans, forecasts and budgets within the platform, reducing friction within the business. announced at Planned performance 2022these innovations offer finance and accounting professionals, and the entire enterprise, revolutionary new ways to improve the speed, accuracy and interconnectedness of their budgets and forecasts.
Predict, introduced in 2021 with the release of Predict: Signalsis a proprietary artificial intelligence (AI) engine developed by Planful and designed specifically for financial data. Predict: projections Greatly expands the capabilities and efficiency of the suite by allowing users to quickly create accurate, AI-powered forecasting scenarios and budgets.
Planful’s new business user experience brings financial and non-financial users together in a one-stop collaborative experience. This allows budget managers to deepen their knowledge of actual numbers and trends and allows financial users to improve their knowledge of the company’s financial situation. It also connects financial users with non-financial users in an AI-driven process to create more accurate forecasts in the shortest possible time.
“The CFO’s office is undergoing a historic digital transformation as we enter the golden age of CFO technology,” noted Sanjay Vyas, technical director of Planful. “Predict: Projections and the new experience for business users are ideal examples of how AI can enable finance professionals to reduce errors, increase forecasting accuracy and strengthen collaboration across the board. inside and outside the finance department, ultimately bringing a new level of visibility and accuracy into forecasts and budgets.”
Smart financial decision making
Predict: Projections allow planners to create reliable forecasts that link plans to business outcomes without bias. It uses a proprietary blend of AI and machine learning algorithms to generate a forecast that reflects inherent trends, seasonality, and other variables that the Planful AI engine has learned from historical data.
Andrew ChatfieldPlanful’s Chief Product Officer said, “Most AI solutions are unable to handle the nuances of financial data, such as negative values, missing periods, and intersectional calculated data. That’s why we spent two years in R&D to create our own proprietary AI engine on which the Predict suite of apps is built.”
A Human In The Loop (HITL) capability in Predict: Projections gives users the option to take advantage of AI-generated forecasts or adjust AI-generated projections to their preference when finalizing forecast numbers . Detailed visual context around projected numbers and adjustments makes AI-generated values easily understandable for end users, allowing them to compare actual numbers, AI-generated projections, and adjusted projections to make more informed decisions. quick and enlightened.
A business user experience based on intelligent collaboration improves alignment
Planful’s reinvented business user experience is a major step forward in preparing accurate and actionable forecasts and budgets. By sharing intelligent models with business teams, Finance can quickly speed up the process of collecting and aggregating data, while minimizing the need for repeated manual data requests and follow-ups. This allows everyone to spend more time on high-value analysis and less on menial, manual, error-prone work.
Business users can use this new experience to work on budgets and plans knowing the context behind the numbers. The collaborative aspect of the new capability eliminates much of the friction caused when business users are forced to work with confusing or inaccurate data, saving hours while increasing forecast accuracy.
“It’s more important than ever for the Office of the CFO to have access to accurate, data-driven forecasts,” said Doug Henschen, Vice President and Principal Analyst, Constellation Research. “With this release, Planful helps lead the way in enabling business users across the organization to collaborate on forecast accuracy with modern AI/ML technology.”
To find out more visit Planned prediction.
Planful is the pioneer of cloud-based financial performance management software. The Planful platform is used by the Office of the CFO around the world to streamline enterprise-wide planning, budgeting, consolidations, reporting and visual analysis. Planful enables users to plan with confidence, close faster, and generate accurate reports. More than 1,000 customers, including the Boston Red Sox, Del Monte, TGI Friday’s and 23andMe rely on Planful to accelerate cycle times, increase productivity and improve accuracy throughout the end-to-end FP&A process. Planful is a private company backed by Vector Capital, a leading global private equity firm. Learn more about www.planful.com.